24-1 International Financial Management © 2001 Prentice-Hall, Inc. Fundamentals of Financial Management, 11/e Created by: Gregory A. Kuhlemeyer, Ph.D.

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1 24-1 International Financial Management © 2001 Prentice-Hall, Inc. Fundamentals of Financial Management, 11/e Created by: Gregory A. Kuhlemeyer, Ph.D. Carroll College, Waukesha, WI

2 24-2 Important Exchange-Rate Terms u Currency risk u Currency risk can be thought of as the volatility of the exchange rate of one currency for another (say British pounds per U.S. dollar). Spot Exchange Rate for immediate delivery Spot Exchange Rate -- The rate today for exchanging one currency for another for immediate delivery. Forward Exchange Rate at a specific future date Forward Exchange Rate -- The rate today for exchanging one currency for another at a specific future date.

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4 24-4 Berapa Rp akan kita peroleh dengan menyerahkan 500 DEM, 1000 YJP, 250 USD ? Konsumen Dealer Rp..? 500 DEM, 1000 YJP, 250 USD

5 24-5 Latihan u Berapa Rp harus kita serahkan untuk mendapatkan 500 DEM, 1000 YJP, 250 USD u Berapa FRF, YJP,USD harus diserahkan untuk memperoleh Rp 1.000.000,-

6 24-6 Jawaban 1 Konsumen Dealer 500 DEM, 1000 YJP, 250 USD Rp..?

7 24-7 Jawaban 2 Konsumen Dealer Rp 1.000.000,- FRF, YJP, USD..?

8 24-8 Cross Rate Cross rate adalah kurs silang antara dua mata uang asing yang berada di suatu negara domestik tertentu. Misalnya kurs silang antara USD terhadap JPY di bursa valas Indonesia.

9 24-9 Contoh Tuan Robert menukarkan 100 FRF akan mendapatkan berapa USD ? Jawab : Beli 100 FRF x USD / FRF  USD / Rp 8600 x Rp 1150 / FRF = 0,1337 USD / FRF  100 FRF x 0,1337 USD / FRF = 13,37 USD Nyonya Margareth Menyerahkan 100 USD akan menerima berapa FRF ?

10 24-10 Latihan u Berapa Yen yang harus diserahkan Mr. Yamamoto, bila ia membutuhkan 100 USD untuk membayar pembelian mesin yang diimpornya dari Amerika ? u Jika Mr. David membutuhkan 100 Yen untuk membayar hutanya pada Mr. Haraki, berapa USD yang harus ia siapkan ?

11 24-11 Source: http:// www.ozforex.com.au/cgi-bin/spotrates.asp?sBase=CADhttp:// www.ozforex.com.au/cgi-bin/spotrates.asp?sBase=CAD

12 24-12 Currency Market Hedges forward contract u A forward contract is a contract for the delivery of a commodity, foreign currency, or financial instrument at a price specified now, with delivery and settlement at a specified future date. Spot rate Rp.10.000/$ 90-day forward rate Rp. 9.500/$ forward discount u As shown, the US Dollar ($) is said to sell at a forward discount as the forward price is less than the spot rate. forward premium u If the forward rate is Rp. 11.000/$, the US Dollar is said to sell at a forward premium. 2. Forward Exchange Market

13 24-13 Currency Market Hedges u The firm has the option of selling 1 million US Dollar forward 90 days. The firm will receive Rp. 9.500.000.000,- in 90 days (1 million US Dollar x Rp.9.500). u Therefore, if the actual spot price in 90 days is less than Rp. 9.500,-, the firm benefited from entering into this transaction. u If the rate is greater than Rp. 9.500,-, the firm would have benefited from not entering into the transaction. How can the firm hedge the currency risk? Fillups Electronics has just sold equipment worth 1 million US Dollar with credit terms of “net 90.” How can the firm hedge the currency risk?

14 24-14 Currency Market Hedges futures contract u A futures contract is a contract for the delivery of a commodity, foreign currency, or financial instrument at a specified price on a stipulated future date. u A currency futures market exists for the major currencies of the world. 3. Currency Futures

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18 24-18 Currency Market Hedges currency option u A currency option is a contract that gives the holder the right to buy (call) or sell (put) a specific amount of a foreign currency at some specified price until a certain (expiration) date. 4. Currency Options

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21 24-21 0,490,53 Max. profit penjual Max. loss pembeli Unlimited profit pembeli Unlimited loss penjual 0,52 Call option batalCall option dilaksanakan 0,02 - 0,02

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23 24-23 BEP put BEP call Put option dilaksanakan 4500515050004600465048004850 Call option pembeli Put option pembeli - 150 - 50 Call option dilaksanakan BEP total Call BEP total Put Strike Price

24 24-24 Review of Hedging Techniques FuturesPurchase currencySell currency hedgefutures contract(s).futures contract(s). Money Borrow localBorrow foreign market currency. Convertcurrency. Convert hedgeto foreign currency.to local currency.Invest till needed. Forward Negotiate forwardNegotiate forward hedge contract to buycontract to sellforeign currency. CurrencyPurchase currencyPurchase currency optioncall option(s).put option(s). hedge To Hedge Payables To Hedge Receivables

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26 24-26 European Monetary Union u In 2002, the full implementation of the “euro” was completed. The national currencies of the 12 participating countries were phased out in favor of the “euro.” The newly formed European Central Bank controls the monetary policy of the EMU.

27 24-27 Member nations of the EMU u Austria u Belgium u Finland u France u Germany u Greece u Ireland u Italy u Luxembourg u Netherlands u Portugal u Spain u Notable European Union countries not in the EMU: u Britain, Sweden, and Denmark